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Drake Software User s Manual Tax Year 2013 Supplement: Estates (706) support.DrakeSoftware.com (828) 524-8020 Drake Software User s Manual Supplement: Estates Copyright The 2013 Drake Software User

How to fill out 706book

How to fill out 706book:

1. Begin by gathering all relevant financial information, such as the decedent's assets, liabilities, and transfers made within the specified time period.
2. Familiarize yourself with the form's instructions to understand the specific requirements for each section.
3. Start filling out the form by entering the decedent's personal information, including their name, address, and Social Security number.
4. Move on to the Assets section and provide details of all the assets owned by the decedent at the time of their death. This may include real estate, bank accounts, investments, and other valuable possessions.
5. Proceed to the Liabilities section and list all outstanding debts and obligations that the decedent had at the time of their death. This could include mortgages, loans, and unpaid bills.
6. Complete the Schedules section, which may require additional information depending on the assets and activities of the decedent. Be thorough and accurate in providing the necessary details.
7. Schedule A deals with real estate, so make sure to provide accurate valuations and descriptions of any properties owned by the decedent.
8. Double-check all the information provided to ensure accuracy and completeness before moving on to the next step.
9. Attach any supporting documents required, such as appraisals, contracts, or statements, to provide evidence and verification for the reported values.
10. Sign and date the form to certify its accuracy, and keep a copy for your records.

Who needs 706book:

1. Executors or administrators of an estate: The 706book is primarily used by executors or administrators responsible for settling the estate of a deceased individual. It helps them report the assets, liabilities, and transfers of the decedent to calculate the estate tax liability accurately.
2. Estate planning professionals: Attorneys, accountants, or financial advisors who assist families with estate planning may also need the 706book to guide their clients through the process and ensure compliance with tax laws.
3. Individuals with complex estates: If you have a large or complicated estate, including significant assets, various transfers, or potential tax issues, using the 706book can help you accurately report information to the Internal Revenue Service (IRS).

Remember, it is always recommended to consult with a qualified professional or refer to the IRS instructions for the 706book to ensure proper understanding and accuracy while filling out the form.

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What is 706book?

706book is a form used to report the transfer of assets from a deceased individual's estate to their beneficiaries, for federal estate tax purposes.

Who is required to file 706book?

The executor or administrator of a deceased individual's estate is required to file 706book if the estate's value exceeds a certain threshold set by the IRS.

How to fill out 706book?

706book can be filled out by providing information about the deceased individual, the estate's assets and liabilities, and details about the beneficiaries.

What is the purpose of 706book?

The purpose of 706book is to calculate the federal estate tax owed by the estate and ensure that all assets are properly transferred to the beneficiaries.

What information must be reported on 706book?

Information such as the deceased individual's personal details, the value of their assets, any debts owed by the estate, and details about the beneficiaries must be reported on 706book.